Tugger urges W/Africa countries to tap over 400m population for economic development

Yusuf Tuggar, Minister of Foreign Affairs, has tasked West African nations to tap their population of over 400 million for economic development.

Tuggar made this call on Wednesday during a high-level private sector roundtable in Lagos, ahead of the upcoming West Africa Economic Summit (WAES), theme “United Voice: The Power of Private Sector Participation in the West African Economic Summit.”

The minister said this demographic advantage, if properly harnessed, could power inclusive and sustained economic development, urging stronger collaboration between West African governments and the private sector to boost regional competitiveness.

“The private sector is not peripheral, but central to economic governance,” Tuggar said, stressing its vital role in shaping West Africa’s future prosperity.

Tuggar also warned that in spite of Nigeria’s position as Africa’s largest economy, national strength alone cannot guarantee long-term growth or regional leadership.

“In today’s interconnected world, West Africa must move beyond national interests to embrace deeper regional integration,” he added.

Meanwhile, the minister noted a major gap, lamenting that intra-African trade forms only 15 per cent of total trade, with West Africa trailing at just 12 to 13 percent.

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“This gap reflects not a lack of potential, but issues like poor coordination, weak infrastructure, and limited political will,” Tugger said.

He cited that intra-regional trade in the European Union often exceeds 60 percent while Asia is also far ahead, pointing to non-tariff barriers, customs delays, and inadequate transport as major challenges restricting the free movement of goods and services.

According to the minister, West Africa is unveiling a new ‘Atlantic era’, urging the West African countries to help shape global trade systems that previously excluded the region.

“We are entering an Atlantic era where West Africa won’t just supply resources but take an active role in global prosperity,” he said.

The WAES is scheduled to hold on June 20 to 21 in Abuja and is fully supported by President Bola Tinubu and fellow West African leaders.

According to the foreign affairs ministry, the gathering, which brought together industry leaders and CEOs from across the region, is a “definitive shift” in policy engagement and not just a preparatory event.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.